1. How would you define ethics? What are three factors that might affect good ethical conduct? Conduct research and provide an explanation of why the Sarbanes-Oxley Act was created and how it relates to ethics. What are the legal liabilities of an accountant?

2. Perform a research describing the procedures for correcting errors in accounting records. Provide an example.cite at least two sources.

3.Assume that you are the president of your company and paid a year-end bonus according to the amount of net income earned during the year. When prices are rising, would you choose a FIFO or weighted average cost flow assumption? Explain, using an example to support your answer. Would your choice be the same if prices were falling?